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   <div class="sf_title_level_2"><span class="z_sf_title_level_2_cs" style="">Compensation report</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Siegfried operates a compensation system, which is transparent, competitive and comprehensible.
         Both the fixed and variable compensation elements are geared to sustain added value
         and business success. With the Equity Ownership Plan (EOP) Siegfried has created for
         management, Executive Management and the Board of Directors an instrument, which ensures
         for the long-term harmonization of the risks and interests of all stakeholders and
         contributes to an enduring performance culture, to loyalty and to entrepreneurial
         thought and action.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_3"><span class="z_sf_title_level_3_cs" style="">1 Introduction</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">This Compensation report describes the compensation system, the general principles
         applied, the individual compensation ­elements and the responsibilities in fixing
         the compensation of employees, management and the Board of Directors. In addition
         the report contains detailed information about the compensation of the Board of Directors
         and the Executive Management of the Siegfried Group.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The Compensation report follows the requirements of article 663b</span><span class="z_sf_body_cs" style=""><sup>bis </sup></span><span class="z_sf_body_cs" style="">and article 663c of the Swiss Code of Obligations (CO), the guideline concerning information
         about Corporate Governance of the SIX Swiss Exchange and the Swiss Code of Best Practice
         for Corporate Governance.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">In compliance with article 663b</span><span class="z_sf_body_cs" style=""><sup>bis</sup></span><span class="z_sf_body_cs" style=""> and article 663c CO the compensation paid to the Board of Directors and the Executive
         Management and the shareholdings of members of the Board of Directors and of the Executive
         Management are also disclosed in the Compensation report on pages  72–74 and in the Notes to the audited financial statements of Siegfried Holding AG
         on page 64.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_3"><span class="z_sf_title_level_3_cs" style="">2 Compensation system</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4-after-3"><span class="z_sf_title_level_4_cs" style="">Compensation principles</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body-hold-next"><span class="z_sf_body_cs" style="">The Siegfried Group’s goal is to offer employees at all grades a transparent, competitive
         performance-related compensation system geared towards sustained added value.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The compensation system and the underlying principles serve in particular to:</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– coordinate the interests of employees, Executive Management, the Board of Directors,
         share­holders and other stakeholders</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– to link compensation to sustained performance and promote entrepreneurial action
         </span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– to recruit highly qualified, talented and successful employees and to bind them
         to the company</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration_last"><span class="z_sf_body_enumeration_last_cs" style="">– to reward </span><span class="z_sf_body_cs" style="">individual loyalty and sustained contributions and excellence</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The Siegfried compensation system links the performance of the individual and the
         success of the company for the long-term. This link is one of the most important elements
         for a differentiated assessment of the individual performances of all employees and
         the leadership qualities of the management. All employees, including managers, are
         therefore covered by a formalized performance assessment process. This process is
         based on clear guiding principles, which serve the purpose of matching individual
         goals, functional targets (departmental targets) and business targets, creating performance
         incentives and promoting the development of the individual. For the management there
         also exists a Performance Commitment Plan, in which the goals are divided into business
         targets and functional targets and individual targets and, depending on the management
         grade, are differently weighted. The variable compensation elements are impacted by
         the individual’s annual performance assessments</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The annual base salary, the fixed element of the overall compensation, is determined
         on the basis of individual professional experience and education and competences.
         It is based on benchmarks for overall compensation of similar positions in comparable
         companies in the national market. Sex, origin and similar criteria are not relevant.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body-1_cs" style="">The compensation of Executive Management is also compared with the data of other relevant
         companies, which are specially chosen to create an optimal comparison basis of national
         and international labour markets that are relevant for Siegfried in the competition
         for qualified managers. Taking into account these data, the company’s results and
         individual performance, the Human Resources Committee of the Board of Directors (HR
         Committee) determines the appropriate compensation framework for the members of the
         Executive Management. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The compensation of the Board of Directors is fixed by the Board of Directors on a
         motion of the HR Committee. At the level of employees and management the benchmark
         figures are gathered and updated annually by our partner CEPEC. At the level of Executive
         Management and Board of Directors the compensation is reviewed from case to case and
         as necessary.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Compensation structure</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The compensation elements described in this Compensation report concern primarily
         the employees in Switzerland. In principle most of the elements are dealt with in
         a standard fashion at all locations, but because of legal or regulatory requirements
         or because of different market conditions differences may arise.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Compensation components</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body-1_cs" style="">Three components are relevant for the Siegfried Group’s total compensation approach</span><span class="z_sf_body_cs" style="">: </span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– </span><span class="z_sf_body_cs" style="">fixed compensation – annual base salary</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– </span><span class="z_sf_body_cs" style="">variable compensation – annual performance-based bonus and long-term share ownership
         programmes</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration_last"><span class="z_sf_body_enumeration_last_cs" style="">– market-conform fringe benefits</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">An employee’s individual total compensation mix depends on the function, the job profile
         and the location. The variable compensation share depends on the management level
         and the higher the level, the greater it is. It is largest for the members of the
         Executive Management.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Fixed compensation</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body-1_cs" style="">The fixed compensation is as a rule paid monthly</span><span class="z_sf_body_cs" style=""> in cash as base salary and compensates the employee for his expected contribution
         in a specific function. The amount of the base salary reflects the following factors:</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Level and extent of responsibility </span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Skills, experience and performance of the individual</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Level or grade, to which the position is allocated</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration_last"><span class="z_sf_body_enumeration_last_cs" style="">– E</span><span class="z_sf_body_cs" style="">xternal market value of the position</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The annual base salary also serves as the basis for the variable compensation. In
         order to ensure that they are appropriate, the annual base salaries are reviewed annually
         at 1April; the review considers factors, such as comparisons, market changes, economic
         and labour market considerations and the performance assessment process.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Variable compensation</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The variable compensation comprises the annual performance-based bonus. It represents
         the variable part of the total compensation for the Executive Management and the management.
         The contractually agreed bonus potential for the relevant management level is fixed
         as a percentage of the annual base salary and is reviewed periodically. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body-1_cs" style="">For the members of the Executive Management and the employees in senior management,
         depending on the management level, a larger or smaller part of the annual performance-based
         bonus is paid in shares, subject to a restriction in period (see below Equity Ownership
         Plan). The intent of this share-based compensation is to motivate the Executive Management
         and the senior management to loyal and entrepreneurial thought and sustainable action.
         In this way the compensation of the decision takers is linked to the interests of
         the shareholders and value created for the long-term. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body-1_cs" style="">With the performance-based bonus as a variable compensation component the relevant
         employees can participate in the success of the company and are also rewarded for
         their individual performance. In an annual process the specific financial targets
         are set and approved by the HR Committee of the Board of Directors. The business targets
         relevant for the year under review (financial targets) are based on the plan amounts
         for the Siegfried Group’s corresponding year. As a rule they include measures, such
         as Enterprise Value, ROCE, EBITDA, Networking Capital in&nbsp;% of turnover, etc. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The sectoral measurement values (functional targets) for the individual employees
         are formulated by the competent member of the Executive Management, the individual
         targets by the immediate supervisor in a performance dialogue. Depending on the extent
         to which the functional and individual targets are achieved, the performance-based
         bonus actually paid varies between 0%–175%.  I.e. the contractually defined bonus potential multiplied by the three percentages
         of target achievement relevant for the applicable year give the bonus actually payable
         for the relevant year.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="20" colspan="7">
            <div class="TableTitle">Example for the calculation of the target achievement of a member of the middle Management with a bonus potential of 10% of the annual base salary</div>
         </td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader">Target category</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Weighting</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Achievement</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Target achievement</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Business targets</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">30%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">90%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">27%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Functional targets</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">40%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">125%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">50%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Personal targets</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">30%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">110%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">33%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"><b>Overall target achievement</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td width="3"></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">110%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLineBold"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Effective bonus: Bonus potential (10%) x Overall target achievement (110%) = Effective
                  bonus 11%</span></div>
         </td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The performance-based bonuses are paid out, only if the performance targets laid down
         – individual, functional and business targets – have been achieved. Depending on the
         applicable programmes, as already mentioned, the performance-based bonus is paid in
         cash or shares. Details of the various ownership programmes are set out ­later in
         this Compensation report.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText"></div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Fringe benefits</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Fringe benefits are chiefly retirement pensions and insurance against disability,
         death and illness. They provide security for employees and their fami</span><span class="z_sf_body-1_cs" style="">lies in connection with retirement, illness, incapacity</span><span class="z_sf_body_cs" style=""> and death. The form and amount of such fringe benefits are governed by the circumstances,
         legislation and regulations specific to the location. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="20" colspan="11">
            <div class="TableTitle">Compensation components / Compensation-mix</div>
         </td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"><b></b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="left"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="left"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="left"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="left"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="left"><span class="TableHeader"></span></td>
         <td width="3"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="left"><span class="TableHeader"><br>Chairman and<br>other members<br>of the board</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="left"><span class="TableHeader">CEO and<br>other members<br>of Executive<br>Management</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="left"><span class="TableHeader"><br>Upper<br>to lower<br>management</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="left"><span class="TableHeader"><br><br><br>Employees</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="left"><span class="TableHeader"><br><br><br>Description</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="top">
         <td height="16">
            <div><span class="TableData"><b>Fixed compensation</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="left"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="left"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="left"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="left"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="left"><span class="TableHeader"></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="top">
         <td height="16">
            <div><span class="TableData">Annual base salary/base fee</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">Yes   </span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">Yes   </span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">Yes   </span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">Yes   </span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">Market conform compensation to recruit and retain highly qualified specialists – cash payment for all employees. For board members cash and shares</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="top">
         <td height="16">
            <div><span class="TableData"><b>Variable compensation</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData"></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="top">
         <td height="16">
            <div><span class="TableData">Performance-based bonus</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">No  </span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">Yes  </span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">Yes  </span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">No  </span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">Performance-based compensation for Management and Executive Committe in cash and/or in shares</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="top">
         <td height="16">
            <div><span class="TableData">Equity Ownership Plan (Long term Incentive)</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">Yes   </span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">Yes   </span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">Yes   </span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">No   </span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">Share ownership plan for board members, Executive Management and management, long-term and geared to sustainable business success</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="top">
         <td height="16">
            <div><span class="TableData">Employee Share Purchase Plan (ESPP)</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">No   </span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">No   </span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">No   </span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">Yes   </span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="left"><span class="TableData">Instrument to promote identification with the company for purchase of shares at a 30% discount. Participation possible for all employees, who do not participate in the EOP.</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="20" colspan="13">
            <div class="TableTitle">Total compensation structure of the annual compensation of board members, Executive
               Management and management
            </div>
         </td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br>Chairman and<br>other members<br>of the board</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br><br><br>CEO</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Other<br>members of<br>Executive<br>Management</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br><br>Upper<br>management</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br><br>Middle<br>management</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br><br>Lower<br>management</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"><b>Fixed compensation (annual base salary)</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">100%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">100%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">100%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">100%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">100%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">100%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"><b>Variable compensation (in&nbsp;% of annual base salary)</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"> 0%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"> 40%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"> 35%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"> 20%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"> 10%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"> 5%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div style="margin-left: 8px;"><span class="TableData">&nbsp;&nbsp;&nbsp;Of which dependent on business result</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">0%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">50%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">50%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">40%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">30%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">20%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div style="margin-left: 8px;"><span class="TableData">&nbsp;&nbsp;&nbsp;Of which dependent on individual target achievement</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">0%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">50%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">50%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">60%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">70%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">80%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td width="3"></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Fixed compensation satisfied in shares</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">80%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">0%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">0%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">0%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">0%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">0%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Variable compensation satisfied in shares</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">0%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">70%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">70%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">40%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">30%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">20%</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="13" class="blueLine"></td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText"></div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Equity Ownership Plan (EOP)  for the Board of Directors,  Executive Management and Management</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">At the beginning of June 2010 the Equity Ownership Plan 2010 or EOP 2010 was introduced
         for the members of the Board of Directors, the Executive Management and the senior
         management. The EOP was presented to the General Meeting of Siegfried Holding AG on
         24 May 2011 as part of the Compensation report in a consultative vote. The report
         was supported by an overwhelming majority of the General Meeting, with a Yes vote
         of about 97 per cent. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The aim of this long-term share-based compensation tool is to permit the members of
         the Board of Directors, the Executive Management and the senior management a greater
         participation in Siegfried Holding AG and to establish a link between the total compensation
         and the performance of Siegfried Holding AG. In this way the EOP makes a direct contribution
         to strengthening entrepreneurial thought and action and thus to aligning the contributions
         of the employees concerned more closely with the interests of the shareholders.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The EOP 2010 requires of Directors, members of Executive Management and of managers
         concerned a substantial financial commitment, which is provided out of private funds.
         If the objectives required are not achieved, the plan involves personal financial
         risk. The funds invested in the form of restricted shares are also not available to
         plan participants for several years. In addition they bear the Siegfried share price
         risk themselves. Following the core idea of harmonizing the risks and interests between
         management and shareholders, on a motion of the Executive Management the Board of
         Directors decided to offer middle and lower management the opportunity to participate
         in a similarly structured share ownership plan (Equity Ownership Plan 2012 or EOP
         2012; together with EOP 2010 referred to as EOP). In contrast to EOP 2010, participation
         at these two management levels is voluntary.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">EOP 2010 became effective on 1June 2010 and EOP 2012 on 1January 2012. The EOP will
         terminate in spring 2016 with the allocation of the final tranche of Leverage Shares
         (see below) and with the expiry of the last restricted in period in spring 2019.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The EOP contains three components:</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Initial Shares, which can be purchased with a starting investment by the Director,
         the member of Executive Management or the management employee.</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Bonus Shares, which result from the payment of part of the director’s fee or of
         the performance-based bonus of the member of Executive Management or of the management
         employee in restricted shares (that is Bonus Shares).</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration_last"><span class="z_sf_body_enumeration_last_cs" style="">– Allocation of Leverage Shares in the years </span><span class="z_sf_body_cs" style="">2014 and 2016, if specifically defined performance goals are achieved in the years
         2013 and 2015.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The three components of the EOP are linked to one another as follows: </span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Participation in the plan enables the purchase of restricted Initial Shares.</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– With participation in the plan part of the annual performance-based bonus is paid
         in restricted Bonus Shares.</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Leverage Shares are allocated to plan participants, only if targets are achieved,
         and</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration_last"><span class="z_sf_body_enumeration_last_cs" style="">– The number of Initial Shares and Bonus Shares purchased and allocated determines in
         addition to the period of plan participation and achieving specific goals the number
         of </span><span class="z_sf_body_cs" style="">Leverage Shares allocated.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText"></div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">In detail the EOP looks as follows:</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_5"><span class="z_sf_title_level_5_cs" style="">Initial Shares</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">On joining the plan, a plan participant can purchase Initial Shares up to a defined
         maximum amount. The purchase price per Initial Share is CHF80. Every board member
         was able at the commencement of the plan to invest a defined maximum amount of CHF
         300 000, the members of Executive Management 40% to 100% of their annual base salary.
         The senior management could invest at most 50%, the middle management at most 25%
         and the junior management at most 15% of their annual base salary in Initial Shares.
         Initial Shares are restricted for 4 years (EOP 2010) and 3 years (EOP 2012).</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">On joining after the corresponding EOP came into effect, the maximum investment in
         Initial Shares is reduced. From 1January 2013 (EOP 2010) and from 1July 2012 (EOP
         2012) purchase of Initial Shares is no longer possible.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_5"><span class="z_sf_title_level_5_cs" style="">Bonus Share</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Every board member is paid, for the years 2010 to 2014, 80% of the base fee in Bonus
         Shares.  At the level of Executive Management for the years 2010 to 2014, 70% of the effective
         annual performance-based bonus is paid in Bonus Shares,  at the level of senior management 40%. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Plan participants in middle management are for the years 2012 to 2015 paid 30% of
         the annual performance-based bonus in Bonus Shares, plan participants in junior management
         20%.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The number of Bonus Shares allocated is given in that the above mentioned share of
         the director’s fee or of the performance-based bonus is divided by the share price
         fixed in the plan of CHF 80.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">All Bonus Shares are restricted in for three years.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_5"><span class="z_sf_title_level_5_cs" style="">Leverage Shares</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Depending on whether business targets established in the EOP for the first planning
         period (targets defined as per 31December 2013) and the second planning period (targets
         defined as per 31December 2015) are achieved in whole or part, at the end of March
         2014 (first allocation) and the end of March 2016 (second allocation) Leverage Shares
         will be allocated. The Initial Shares and Bonus Shares purchased and allocated form
         the basis for the allocation of the Leverage Shares. On the first allocation the plan
         participant will be allocated at the end of March 2014 for each Initial Share and
         Bonus Share purchased or allocated under the EOP before the end of December 2013 (EOP
         2010) and the end of March 2014 (EOP 2012) – depending to the extent the targets were
         achieved – per target between 0 and 1.5 Leverage Shares (EOP 2010) and between 0 and
         1 Leverage Shares (EOP 2012). On the second allocation the plan participant will be
         allocated at the end of March 2016 for every Bonus Share acquired after the cut-off
         date relevant for the first allocation per target between 0 and 1.5 Leverage Shares
         (EOP 2010) and between 0 and 1 Leverage Shares (EOP 2012). Overall, per allocation
         period, this gives a leverage of between 0 and 4.5 shares for the EOP 2010 and between
         0 and 2 for the EOP 2012. The Leverage Shares of the first and second allocation are
         locked in, as to 50 % each, for one or two years after allocation. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">There will be an allocation of Leverage Shares at the respective allocation date,
         only if the relevant plan participant is still in the employment of the Siegfried
         Group at the allocation date (exceptions: early withdrawal following retirement, death
         / disability, if plan participation was at least 12 months) and the lock in provisions
         were observed. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText"></div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Overview of the allocation of Leverage Shares per objective for an Initial Share or
         Bonus Share purchased or allocated in the corresponding ­planning period:</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="20" colspan="9">
            <div class="TableTitle">Overview of the allocation of leverage shares (number of shares per target and acquired Initial/Bonus share)</div>
         </td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br><br><br>Board members<sup class="tableSuperscript">1</sup></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">CEO and<br>other members<br>of Executive<br>Management<sup class="tableSuperscript">1</sup></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br><br>Upper<br>Management<sup class="tableSuperscript">1</sup></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br><br>Middle and lower<br>management<sup class="tableSuperscript">2</sup></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">0-73% target achievement</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">0</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">74%-99% target achievement</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">0.40/050<sup class="tableSuperscriptRow">3</sup></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">0.50</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">0.50</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">0.50</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">100% target achievement</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">0.80/1.00<sup class="tableSuperscriptRow">3</sup></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">1.00</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">1.00</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">0.75</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">&gt; 115% target achievement</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">1.20/1.50<sup class="tableSuperscriptRow">3</sup></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">1.50</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">1.50</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">1.00</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td colspan="9" style="height: 5px;"></td>
      </tr>
      <tr valign="bottom">
         <td height="5" colspan="10">
            <div class="TableHeader">
               <div style="width:12px; text-align:right; float:left;">1</div>
               <div style="margin-left:18px;">Under the EOP 2010 for the three defined targets (see below) Leverage Shares are allocated</div>
            </div>
         </td>
      </tr>
      <tr valign="bottom">
         <td height="5" colspan="10">
            <div class="TableHeader">
               <div style="width:12px; text-align:right; float:left;">2</div>
               <div style="margin-left:18px;">Under the EOP 2012 for the two defined targets (see below) Leverage Shares are allocated</div>
            </div>
         </td>
      </tr>
      <tr valign="bottom">
         <td height="5" colspan="10">
            <div class="TableHeader">
               <div style="width:12px; text-align:right; float:left;">3</div>
               <div style="margin-left:18px;">For the Board of Directors on the leverage on the base fee there is a discount</div>
            </div>
         </td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Value based performance targets</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The performance targets contained in the EOP, which are applicable for the allocation
         of Leverage Shares, are geared towards an enduring increase in the Enterprise Value.
         The pre-defined performance targets for both allocation periods cover the increase
         in the Enterprise Value and the Return on Capital Employed – ROCE. Enterprise Value
         is defined as EBITDA without costs of compensation for the EOP multiplied by a multiple
         dependent on the margin. This multiple in turn is comprised of 45*EBITDA margin. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">ROCE is defined as EBITDA without share-based compensation under the EOP divided by
         the capital employed. Starting from the ratios at the time the EOP was introduced;
         both ratios must be significantly increased over the duration of the plan. Leverage
         Shares will not even be allocated until, for Enterprise Value, a target achievement
         of 75% is reached and, for ROCE, an achievement of 73%. If the achievement is less
         than these amounts,  no Leverage Shares will be allocated. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The table below shows the starting and target achievement figures for 2010 and 2011
         and the EOP plan amounts for Enterprise Value (EV) and Return on Capital Employed
         (ROCE) relevant for the allocation of Leverage Shares. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="20" colspan="11">
            <div class="TableTitle">EOP plan amounts</div>
         </td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><b><br>Initial value<br>2009</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br><br>2010</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br><br>2011</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><b>EOP<br>target value<br>2013</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><b>EOP<br>target value<br>2015</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Enterprise Value (EV)</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData"><b>101</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">230</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">312</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData"><b>600</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData"><b>800</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Return on Capital Employed (ROCE)</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"><b>6.1%</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">10.4%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">14.5%</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"><b>15.0%</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"><b>17.0%</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">For the Board of Directors, the Executive ­Management and the senior management, in
         addition relevant as a business target defined in the EOP 2010 is the achieving and
         realiz ation of prescribed strategic objectives. In each of the allocation ­periods
         at least one strategic measure must be realized. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Employee Share Purchase Plan (ESPP)</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The ESPP enables employees in all locations to become a shareholder in Siegfried by
         purchasing Siegfried shares at a privileged price. The shares can be purchased twice
         a year in May and November at a discount of 30% to the defined purchase price and
         are subject to a restriction period of three years. The defined purchase price is
         equivalent to the average price of the Siegfried share over the 6months prior to the
         purchase. Employees may invest at most 10% of their annual base salary in the ESPP.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Participants in the EOP are excluded from ­participation in the ESPP. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Employee pension plans and other long-term employee benefits </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The Group operates in Switzerland and abroad a number of pension plans for employees,
         who meet the relevant criteria for admission. They include both defined benefit and
         defined contribution plans, which cover most of the Group’s employees against the
         risks of death, disability and retirement. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">In addition there exist plans for anniversaries or other benefits dependent on years
         of service. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The amount of the pension benefits depends on the number of insured years, age, the
         insured salary and the capital accumulated. The assets of the funded pension plans
         are held in separate foundations or by insurances and cannot flow back to the employer.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Further information about the pension plans can be found in Note 21 to the audited
         financial statements on page 43.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText"></div>
<div class="mddContentText">
   <div class="sf_title_level_3"><span class="z_sf_title_level_3_cs" style="">3 Responsibilities</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The Board of Directors nominates the members of the HR Committee, determines its responsibilities
         and approves its decisions concerning the Group‘s compensation.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The HR Committee is competent for designing the compensation system for the company’s
         Directors and top management. It evaluates the compensation principles and systems
         and ensures that the compensation paid by the company is based on market-conform and
         performance-based criteria. At least once a year the HR Committee reports to the Board
         of Directors on the compensation procedures and on the compensation of managers and,
         if necessary, proposes changes in the compensation system. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText"></div>
<div class="mddContentText">
   <div class="sf_title_level_3"><span class="z_sf_title_level_3_cs" style="">4 Compensation of the  Board of Directors</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The members of the Board of Directors  receive an annual fee, consisting of a base fee for  the appointment as Director and additional fees  for individual functions as Chairman, Deputy-­Chairman or Chair of a Committee of
         the Board.  80% of the base fee is paid in Siegfried shares as Bonus Shares under the EOP 2010.
         In addition ­in­convenience compensation is paid in the form of lump-sum expenses
         approximating the effective outlays.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="20" colspan="9">
            <div class="TableTitle">Compensation structure Board of Directors</div>
         </td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
      </tr>
      <tr valign="bottom">
         <td height="20" colspan="9">
            <div class="TableTitle"></div>
         </td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br>Chairman</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br>Vice-Chairman</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Ordinary member<br>Chair of committee</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br>Ordinary member</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Base fee</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">210 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">70 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">70 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">70 000</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Chairman/Deputy-Chairman</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">90 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">20 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">0</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">0</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Chair of committee</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">20 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">20 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">20 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">0</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Expenses</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">20 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">10 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">10 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">10 000</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"><b>Total</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"><b>340 000</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"><b>120 000</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"><b>100 000</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"><b>80 000</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="t__title_level_4-table"><span class="z_sf_title_level_4_cs" style="">Compensation of the Board of Directors and of former Directors in 2011 (as tax values):</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"><b><br>Board of Directors</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br>Function</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Compensation<br>cash</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Share-based<br>payment</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Expenditure for<br>social security</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><b><br>Total 2011</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"><b>Acting Board of Directors December 31, 2011</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData"><b></b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Gilbert Achermann (from May 24, 2011)</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">Chairman</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData">152 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData">159 817</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData">36 366</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData"><b>348 183</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Thomas Staehelin</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Deputy chairman</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">54 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">53 272</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">7 360</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"><b>114 632</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Andreas Casutt</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">14 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">53 272</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">5 116</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"><b>72 388</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Reto Garzetti (from May 24, 2011)</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">14 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">53 272</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">5 116</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"><b>72 388</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Beat In-Albon (from May 24, 2011)</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">14 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">53 272</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">5 116</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"><b>72 388</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Felix K. Meyer</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">14 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">53 272</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">5 116</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"><b>72 388</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Thomas Villiger (from May 24, 2011)</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">34 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">53 272</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">5 320</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"><b>92 592</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"><b>Former Board members December 31, 2011</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"><b></b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Markus Altwegg (until May 24, 2011)</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Chairman</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">–</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">–</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">–</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"><b>–</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Susy Brüschweiler (until May 24, 2011)</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">–</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">–</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">–</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"><b>–</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Felix Gutzwiller (until May 24, 2011)</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">–</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">–</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">–</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"><b>–</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"><b>Total</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"><b></b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"><b>296 000</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"><b>479 449</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"><b>69 510</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"><b>844 959</b><sup class="tableSuperscriptRow"><b>1</b></sup></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLineBold"></td>
      </tr>
      <tr valign="bottom">
         <td colspan="11" style="height: 5px;"></td>
      </tr>
      <tr valign="bottom">
         <td height="5" colspan="12">
            <div class="TableHeader">
               <div style="width:12px; text-align:right; float:left;">1</div>
               <div style="margin-left:18px;">The compensation of the Board of Directors shows annualized figures.</div>
            </div>
         </td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"><b><br>Board of Directors</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br>Function</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Compensation<br>cash</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Share-based<br>payment</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Expenditure for<br>social security</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY"><br>Total 2010</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"><b>Acting Board of Directors December 31, 2010</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData"><b></b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Markus Altwegg</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">Chairman</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">50 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">205 391</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">12 131</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY"><b>267 522</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Thomas Staehelin</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Deputy chairman</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">12 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">50 506</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3 844</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"><b>66 350</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Susy Brüschweiler</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">10 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">40 085</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3 080</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"><b>53 165</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Felix Gutzwiller</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">10 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">39 590</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3 050</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"><b>52 640</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Felix K. Meyer</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">10 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">42 079</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3 203</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"><b>55 282</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Andreas Casutt (from April, 14 2010)</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">10 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">39 590</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3 050</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"><b>52 640</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"><b>Former Board members December 31, 2010</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Bernard A. Siegfried (until April 14, 2010)</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Honorary Chairman and member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"> –</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"> –</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"> –</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"><b> –</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Malcolm Perkins (until April 14, 2010)</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">–</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">–</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">–</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"><b>–</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"><b>Total</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"><b></b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"><b>102 000</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"><b>417 241</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"><b>28 358</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"><b>547 599</b><sup class="tableSuperscriptRow"><b>1</b></sup></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLineBold"></td>
      </tr>
      <tr valign="bottom">
         <td colspan="11" style="height: 5px;"></td>
      </tr>
      <tr valign="bottom">
         <td height="5" colspan="12">
            <div class="TableHeader">
               <div style="width:12px; text-align:right; float:left;">1</div>
               <div style="margin-left:18px;">The compensation of the Board of Directors shows annualized figures.</div>
            </div>
         </td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">In the year under review, Markus Altwegg was Chairman of the Board from 1January until
         the General Meeting on 24 May 2011. At the General Meeting Gilbert Achermann was elected
         as the new Chairman of the Board. At the same meeting Susy Brüschweiler and Felix
         Gutzwiller retired from the Board. They were replaced on the Board by Reto Garzetti,
         Dr. Beat In-Albon and Dr. Thomas Villiger. The former Directors, who stood for  re-election, were confirmed in office.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Loans to Board members</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">In 2011 no loans were granted to a member of the Board of Directors. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText"></div>
<div class="mddContentText">
   <div class="sf_title_level_3"><span class="z_sf_title_level_3_cs" style="">5 Compensation of the  Executive Management in 2011</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">In 2011 the members of the Executive Management, including the CEO, received salaries,
         bonuses and other compensation elements in accordance with the compensation principles
         set out on page 64. In addition inconvenience compensation was paid in the form of
         lump-sum expenses approximating the effective outlays. The compensation of the Executive
         Management is conclusively determined by the HR Committee (HRC) of the Board of Directors.
         </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The highest total compensation was received in 2011 by the CEO. The following tables
         show the compensation of the Executive Management at tax values:</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"><b><br>Executive Management</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br>Compensation<br>cash fixed</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br>Compensation<br>cash variable</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Share-based<br>payment<br>variable</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br>Expenditure for<br>social security</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><b><br><br>Total 2011</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Highest individual compensation: Rudolf Hanko (CEO)</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData"> 565 000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData"> 87 124</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData"> 368 134</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData"> 124 230</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData"> 1 144 488</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Other members of the Executive Management</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"> 1 892 236</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"> 329 299</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"> 580 880</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"> 376 701</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"> 3 179 116</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"><b>Total compensation Executive Management</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"><b> 2 457 236</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"><b> 416 423</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"><b> 949 014</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"><b> 500 931</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"><b> 4 323 604</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"><b><br>Executive Management</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br>Compensation<br>cash fixed</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br>Compensation<br>cash variable</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Share-based<br>payment<br>variable</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br>Expenditure for<br>social security</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeaderPY"><br><br>Total 2010</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Highest individual compensation: Rudolf Hanko (CEO)</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY"> 574 004</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY"> 112 880</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY"> 290 695</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY"> 105 236</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY"> 1 082 815</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Other members of the Executive Management</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"> 1 925 026</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"> 483 410</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"> 460 796</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"> 322 023</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"> 3 191 255</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"><b>Total compensation Executive Management</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"><b> 2 499 030</b></span></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"><b> </b></span></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"><b> 596 290</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"><b> 751 491</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"><b> 427 259</b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY"><b> 4 274 070</b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="11" class="blueLine"></td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">As a result of the different valuation approach following tax principles, in comparison
         with IFRS there results a different personnel cost for the share-based compensation
         for the Board of Directors and the Executive Management. As displayed in the table
         above, the share-based compensation of the bonus 2011 for the Board of Directors and
         Executive Management together amount at tax values to CHF 1.4 million, under IFRS
         the corresponding accrual is CHF 1.8 million. In addition, under IFRS, CHF 4.9 million
         was accrued for the leverage shares (EOP) to be allocated in 2014 and 2016 (see Note
         22 to the Consolidated Financial Statements). For tax purposes the expense for the
         Leverage Shares will not be recognized until final allocation and therefore will not
         be considered as part of the compensation until then.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">Shareholdings of the Board of Directors  and of the Executive Management </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The non-executive members of the Board of Directors and persons related to them held
         at 31December 2011 a total of 41135 registered shares in Siegfried Holding AG (2010:
         31289).  This represents 1.1% of the total share capital of Siegfried Holding AG (2010: 1.1%).
         The members of Executive Management (including related persons) held at the same date
         34225 registered shares (2010: 28659), i.e. 0.9% of the share ­capital of Siegfried
         Holding AG (2010: 1.0%).</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"><b>December 31, 2011</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"><b><br>Board of Directors</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br>Function</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Number<br>of shares</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">of which<br>blocked<sup class="tableSuperscript">1</sup></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Gilbert Achermann</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">Chairman</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData">13 750</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " width="80" align="right" nowrap><span class="TableData">3 750</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Thomas Staehelin</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Deputy chairman</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">12 763</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">5 060</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Andreas Casutt</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">4 920</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">4 250</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Reto Garzetti</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">3 750</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">3 750</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Beat In-Albon</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">1 500</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">1 500</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Felix K. Meyer</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">4 452</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">4 081</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Thomas Villiger</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">–</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">–</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"><b>Executive Management</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"><b></b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><b></b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><b></b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Rudolf Hanko</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">CEO</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">13 231</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">12 641</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Michael Hüsler</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">CFO</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">4 475</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">4 445</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Peter A. Gehler</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">CCO</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">4 180</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">4 159</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Walter Kittl</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Head Technical Operations</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">3 114</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">3 114</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Arnoud Middel</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Head HR</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">1 500</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">1 500</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Marianne Späne</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Head Business Development &amp; Sales</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">4 881</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData">4 397</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"> Dr. Wolfgang Wienand</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Head Strategy &amp; M&amp;A and Head Research &amp; Development</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"> 2 844</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; background-color: #e5e5e5; " align="right" nowrap><span class="TableData"> 2 844</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="7" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td colspan="7" style="height: 5px;"></td>
      </tr>
      <tr valign="bottom">
         <td height="5" colspan="8">
            <div class="TableHeader">
               <div style="width:12px; text-align:right; float:left;">1</div>
               <div style="margin-left:18px;">Number of blocked shares from Equity Ownership Plan (EOP) and Employee Share Plan</div>
            </div>
         </td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentTable">
   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"><b>December 31, 2010</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td width="3"></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"><b><br>Board of Directors</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br><br><br>Function</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Number of<br>Mandatory<br>Convertible<br>Notes<sup class="tableSuperscript">2</sup></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br><br>Number<br>of shares</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><br><br>of which<br>blocked<sup class="tableSuperscript">1</sup></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Markus Altwegg</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">Chairman</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">102</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">10 031</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableDataPY">5 598</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Thomas Staehelin</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Deputy chairman</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">–</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">11 583</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">4 603</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Susy Brüschweiler</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">10</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">531</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">293</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Felix Gutzwiller</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">20</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">1 192</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">886</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Felix K. Meyer</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">25</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3 702</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3 627</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Andreas Casutt</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">17</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">4 250</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3 750</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader"><b>Executive Management</b></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"><b></b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><b></b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><b></b></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader"><b></b></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Rudolf Hanko</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">CEO</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">59</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">8 709</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">8 709</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Michael Hüsler</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">CFO</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3 339</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3 339</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Hanspeter Brun</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Head HR</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">40</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3 579</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3 229</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Peter A. Gehler</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">CCO</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">–</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3 387</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3 387</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Marianne Späne</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Head Business Development &amp; Sales</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">24</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3 434</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3 319</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Hubert Stückler</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Head Technical Operations</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">20</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3 711</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">3 519</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Wolfgang Wienand</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Head Research &amp; Development</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">–</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">2 500</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableDataPY">2 500</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td colspan="9" style="height: 5px;"></td>
      </tr>
      <tr valign="bottom">
         <td height="5" colspan="10">
            <div class="TableHeader">
               <div style="width:12px; text-align:right; float:left;">1</div>
               <div style="margin-left:18px;">Blocked shares from Equity Ownership Plan (EOP) and Employee Share Plan</div>
            </div>
         </td>
      </tr>
      <tr valign="bottom">
         <td height="5" colspan="10">
            <div class="TableHeader">
               <div style="width:12px; text-align:right; float:left;">2</div>
               <div style="margin-left:18px;">One note equals to 10 shares of Siegfried Holding AG</div>
            </div>
         </td>
      </tr>
   </table>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_title_level_3"><span class="z_sf_title_level_3_cs" style="">6 Contractual agreements,  loans and additional contributions</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The employment contracts of the members of Executive Management and of the CEO foresee
         a notice period of 6 months. The appointments of the Directors are not subject to
         notice periods and terminate ordinarily on expiry of the term of office. The employment
         contracts and related agreements do not contain clauses providing for settlements
         («golden parachutes» or «handshakes» or compa</span><span class="z_sf_body-2_cs" style="">rable understandings) in respect of their termination. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The EOP contains provisions concerning change of control, according to which:</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– in the event of an unfriendly public purchase offer, under which the bidder exceeds
         the limit of Art. 32 of the Federal Act on Stock Exchanges and Securities Trading
         (SESTA), – depending on the timing – the allocation of the first or second tranche
         of Leverage Shares is accelerated. The allocation takes place on the date, on which
         the purchase offer becomes unconditional. In this case, for the calculation of the
         number of Leverage Shares to be allocated, a target achievement of 100% is assumed
         (see also table on page 70). If this case occurs, the plan is then immediately and
         automatically wound up (including any restriction periods);</span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– in the event of an acquisition by the Siegfried Group, under which a significant
         part of the purchase price is satisfied by the delivery of shares in Siegfried Holding
         AG, and as a result the recipient exceeds the limit of Art. 32 SESTA, the EOP is to
         be maintained to the greatest possible extent. This is, however, conditional on the
         strategic objectives defined in the EOP not being changed. Changes to the EOP by the
         Plan Administrator are to be restricted to changes that are necessary because of the
         applicable law or because of the admission of new plan participants; </span></div>
</div>
<div class="mddContentText">
   <div class="sf_body_enumeration_last"><span class="z_sf_body_enumeration_last_cs" style="">– </span><span class="z_sf_body_cs" style="">in other cases of a change of control the Plan Administrator is entitled to change
         the terms of the plan while preserving as far as possible the rights of the plan participants
         and taking into consideration various criteria laid down in detail in the EOP.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">The members of the Board of Directors and of the Executive Management of Siegfried
         Holding AG and persons related to them are not, and were not, in the year under review
         and in the preceding financial year involved in transactions outside the normal business
         activity of Siegfried Holding AG or of one of its group companies or in other transactions
         unusual in form or substance, but important for Siegfried Holding AG or one of its
         group companies. </span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">At 31.12.2011 Siegfried Holding AG and its group companies hold no securities,</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">No loans, advances or credits have been granted to members of the Board of Directors
         or the Executive Management of Siegfried Holding AG or to persons related to them.</span></div>
   <div class="mddLineBreak"></div>
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